It may seem trying enough that you are forced to remember those crazy formulas for your required math courses. But what about those other numbers lurking around the corner that you will have to crunch? Those pesky student loans that are hanging over your head, like a Sword of Damocles.
Kayla Honsa is a current student in Marquette’s Graduate Nursing Program. Her graduation date is set for 2016 and she has already earned a bachelor’s degree in chemistry from Mount Mary College. Since she has made a substantial dent in paying back those initial loans and survived to tell the tale, she has some tips for those of you with loan anxiety.
“You have to put yourself on a budget,” Honsa says. “But be realistic with what you can pay for in the future.”
Honsa admits that her biggest worry is that the sum she will owe upon earning this degree is, “a number I can’t quite fathom.” Although she realizes it is a lot of money, she still is an advocate of treating yourself to the occasional study break at a coffee shop with a friend.
Honsa states that, “scholarships are shrinking,” but that doesn’t mean that you should give up on your dream. She suggests taking baby steps toward your chosen career path. It may not be exactly what you want right out of the starting gate, but you can always work closely toward that goal if the ideal job is not immediately available and waiting for you.
What helped her the first time around was treating her loan like a credit card and always paying a little bit more than the minimum. “I think it’s better for the (first) five years to live like a student,” Honsa says. “I’ll only get a car if I have to.”
Some helpful advice from someone who has been there and done well for themselves is Tom Branigan, president and CEO of Branigan Communications. Branigan is a part-time professor at Marquette in the Diederich College of Communications, and advises his students to keep track of student loans while still in school:
“Review the terms of your loan,” Branigan says. “Graduates often don’t re-familiarize themselves with the terms of their loans, and leave school not knowing when payments start, how much they are, or how to send money in. (It is) best to review all of that prior to graduation.”
He adds:
“Get used to making payments before they’re due. As soon as possible while you’re still in school, save the amount of your post-graduation payment – get used to not having it. When the payments begin, you’ll have a nice amount to put down and get ahead, and won’t have to endure the adjustment to fewer dollars in your wallet.”
He continued by recommending, “Send(ing) in more than you owe. Even an extra $15 to $30 payment will help you chip away at that balance faster. But beware: Since the interest rates on school loans are typically on the low side, a financial planner might advise against it, telling you to pay off high-interest credit cards instead with any extra money.”
Branigan summed things up this way: “Thank God you live in a country where school loans are available to you. Most people in the world don’t have a hope of ever going to college. You can not only go, but defer paying for a large portion of it for years after graduation as well. That’s a blessing.”
Of course the Bursar’s Office is always there to help, especially when you have specific questions. You can find answers to many queries on their website, or you can call, email, or stop by. Their phone number is (414) 288-4000. Business hours are Monday through Friday, 8 a.m. to 4:30 p.m.
So wherever you are in your Marquette journey, be sure to plan ahead where you can– but do not forget to enjoy the process of earning your education as well.